A few tidbits from the Tom Taylor newsletter along with having read the bankruptcy filing.
John Malone had his lawyers show up at the “First Day Motions” to represent his interests. The filing has language permitting Malone to submit his own plan, or other parties. That language may have been added to fend off an involuntary bankruptcy, as the four delays were starting to look like stalling.
The wild card in this fight is about $160 million in debt still outstanding from before the Bain & Lee “taking the company private” transaction. Since the freshly minted debt in 2008 trading as low as about 15% of face value (from memory), you can see why they would not have accepted a debt swap. They have been paid interest for 10 years, but are unsecured creditors.
Selling off Clear Channel Outdoors to a French company is definitely in play, at least the European part. The bankruptcy filing puts any further “raiding of the piggy bank” on hold. The 1 billion dollar IOU Iheart Media stuck on the books of CCO IS unsecured. The CCO subsidiary is 10% owned by others and has debt that may not get paid when the $1 billon “loan” becomes worthless.